SPACs, or special purpose acquisition companies, allow companies to go public outside the traditional IPO process.
The increase in SPACs and traditional IPOs could be lucrative for the PR industry as target companies, which often don t have their own investors relations division, call on public relations pros to put their business model in the best light.
ICR CEO Tom Ryan said that his firm s annual revenue increased by 20% year-over-year to $106 million in 2020 due to its work on SPACs. One of the best known IPO players, ICR advised on more than 50 SPAC deals in 2020, equivalent to about 20% of the total market.